Zenabis Global Inc. has announced its entrance into the European pharmaceutical cannabis market. Zenabis has entered into a Letter of Intent towards a definitive supply arrangement with Farmako GmbH , a research-based pharmaceutical company headquartered in Frankfurt, Germany.
"Pursuant to the LOI, Farmako has committed to an initial purchase of CBD isolate. Farmako and Zenabis will each pursue all relevant regulatory permits and licenses in order to complete the initial transaction. The Letter of Intent also contemplates an expansion of the supply arrangement to include other Zenabis products as permitted under applicable laws", the company explains.
“We are thrilled to enter the European market alongside Farmako,” says Andrew Grieve, Chief Executive Officer of Zenabis. “The market for pharmaceutical cannabis in Europe is estimated to reach €55 billion by 2028, and this relationship helps position our company to seize the opportunity this represents.”
Farmako founder and Chief Executive Officer, Niklas Kouparanis, said, “Farmako has the explicit goal to be the gateway to Europe for pharmaceutical cannabis. We are delighted that Zenabis and Farmako are beginning to cooperate, and that the first shipment of CBD isolate was initiated today. We are pursuing operations in every market that provides the necessary legal basis.”
With an overall population of over 740 million, Europe will be the largest pharmaceutical cannabis market worldwide. The two largest European economies, Germany and the United Kingdom, passed legislation allowing the prescription of pharmaceutical cannabis in March 2017 and November 2018 respectively.
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